A proposal to stop apartments from being turned into condominiums died Wednesday, after the development community argued the city should not interfere with the free market.

What would have been a six-month freeze on the conversions became a 60-day period for staff to come up with an ordinance to better control and regulate which rental units can be put up for sale.

"I wanted to light a fire under the feet of staff," said Councilman Steve Wolfson, who requested the item be put on the agenda. "I think I've done that."

Wolfson said if the solutions proposed within 60 days weren't adequate, "a moratorium is always an option."

For now, the fear that renters will be squeezed out of Las Vegas' housing market remains.

Out of 50,172 apartments in Las Vegas, 7,029 have been converted or approved for conversion to condos.

Developers and their representatives showed up in force to warn the council away from passing the moratorium.

Irwin Molasky, a prominent developer, said condos were the only affordable option for many who were looking to buy into the market.

"It's the American Dream," he told the council. "Any moratorium would kill those dreams for those people."

But Wolfson pointed out some people living month to month might never be able to afford a down payment, even on the cheapest condo.

"I'm not seeing the apartments replaced," he said.

Margo Wheeler, the city's director of planning and development, said she believed projects would be considered for conversion "on their own merits."

She was directed by the City Council to come up with criteria for approving condo conversions by working with developers and apartment complex owners.

Suynn Davis, a renter, told the City Council: "People are coming here for opportunity, but they also need some place to live." She said something needed to be done so renters could continue to live in Las Vegas.

The highest concentration of conversions are in the western part of town.

While rents have been stable, analysts say rents could skyrocket as supply dwindles, pushing out low-wage workers and newcomers to the area.

Developers and representatives of building lobbies said higher costs for building materials and labor, as well as construction defect litigation, were hurdles in the way of building more affordable housing.

Mayor Oscar Goodman recused himself from participating in the discussion because business partner Jay Brown was involved in the issue. Saying he wants to be involved in the discussion, Goodman asked City Attorney Brad Jerbic to come up with a legal opinion about whether he could participate by the time the issue is taken up again.